GAAP Hierarchy
Statement of Financial Accounting Standards No. 168, June 2009
“The FASB Accounting Standards Codification and the Hierarchy of GAAP”
“The FASB Accounting Standards Codification and the Hierarchy of GAAP”
Two levels of U.S. GAAP
Level 1: Authoritative GAAP: Codification (http://asc.fasb.org)
Level 2: Nonauthoritative GAAP: Others
Level 1: Authoritative GAAP: Codification (http://asc.fasb.org)
Level 2: Nonauthoritative GAAP: Others
Sources of U.S. GAAP
Nonpublic Entities
–> “Codification” is the single source of authoritative U.S. GAAP
SEC Registrants
Both (a) and (b) are the sources of authoritative U.S. GAAP
(a) Codification (http://asc.fasb.org)
(b) SEC Rules
(a) Codification (http://asc.fasb.org)
(b) SEC Rules